3 Questions with Sunil Shah, MPH, Senior Director, Strategic Partnerships at TrustCommerce
We recently had a conversation with Sunil Shah, Senior Director, Strategic Partnerships at TrustCommerce to discuss the latest developments in the world of healthcare software and embedded payments. In this Q&A, he touches on his vast experience in healthcare and explains how partnering with a payment provider can benefit health IT vendors. In addition, he dives into the emerging trends that health IT vendors should keep an eye on.
Q: You are new to TrustCommerce. Why were you excited to join the company?
A: I joined TrustCommerce because of my extensive background in healthcare and personal experience within the system. Dealing with healthcare payments as a patient has shown me firsthand how frustrating it can be. Going through the whole process of insurance coverage, appointment scheduling, and receiving care, only to face a complex billing system—there is real room for improvement.
What excites me about TrustCommerce is their impressive 20-year track record in healthcare payments. They have built strong partnerships with big players like Epic, athenahealth, and Veradigm, which highlights their deep understanding of the ins and outs of healthcare payment processes. TrustCommerce simplifies and streamlines the payment experience with an omnichannel approach, making healthcare payments more manageable and efficient for both patients and healthcare providers. This is a huge win for everyone involved and something I am proud to be a part of.
How would health IT vendors benefit from teaming up with a payment partner?
The healthcare payments industry is undeniably complex, posing numerous challenges for health IT vendors. One key hurdle is the web of regulations, notably HIPAA, which requires stringent data security and privacy measures. Additionally, the involvement of diverse stakeholders, including patients, providers, insurers, and government entities, requires intricate coordination. The adoption of various Electronic Health Records (EHR) and practice management systems further compounds the complexity, requiring technical expertise for seamless integration.
Addressing these challenges becomes considerably easier when health IT vendors partner with a payment company. Such partnerships help relieve health IT vendors of the regulatory burden by ensuring compliance and robust data security measures. Payment partners also facilitate smoother merchant onboarding experiences, reducing fees and streamlining implementations. This collaborative approach allows health IT vendors to concentrate on their core services while delivering efficient and compliant payment solutions, ultimately benefiting both software vendors and their healthcare clients. Plus, an added benefit of turning payments into a revenue stream with a competitive revenue share model in this market can’t hurt either.
What are some trends health IT vendors could be on the lookout for?
Telehealth continues to be a preferred patient service, driving the need for seamless payment integration during virtual appointments. Simultaneously, there is a significant push for paperless billing, as consumers increasingly favor electronic payment methods for their efficiency and convenience. Electronic statements and invoices can be generated, delivered, and processed more quickly, reducing the time and effort required for both providers and patients.
Additionally, the adoption of contactless payments is on the rise, with options like Apple Pay and Google Pay gaining popularity. Health IT vendors should consider integrating mobile wallet solutions and Near Field Communication (NFC) technology to offer touch-free payment options, enhancing safety and convenience.
To learn more about how to team up with TrustCommerce, visit https://trustcommerce.com/partners/